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Ravi Venkatesh and Edwina Yeo — the two former Tiger Global executives, has launched ‘Tanglin Venture Partners’, a new set of venture funds backed by local internet entrepreneurs in India including Flipkart cofounder Binny Bansal, Udaan cofounder Sujeet Kumar, Flipkart Group CEO Kalyan Krishnamurthy and Facebook’s Asia Pacific head Dan Neary, said an Economic Times report.

Incorporated in Singapore, Tanglin started operations late last year, and is targeting a corpus of $50 million. The fund, which is looking to invest across 10-12 startups, will focus on early-stage technology startups in India and Southeast Asia with an average first cheque of $3 million. 

Citing the co-founder of Tanglin, Venkatesh, the report further said that the venture fund has raised a significant majority of $50-million targeted corpus from more than 15 marque limited partners or LPs including technology entrepreneurs, institutions and industry leaders.


(L-R) Edwina Yeo and Ravi Venkatesh
Image source – Techinasia.com

“India and Southeast Asia have similar macro outlook and are fastgrowing economies with a population which is rapidly adopting a digital lifestyle. We believe that there’s a massive opportunity for technology to create value through organising unorganised and fragmented sectors, making distribution more efficient by going direct-to-consumer,”  Venkatesh told Economic Times. Venkatesh was also been Head of Analytics at eBay during 2006 to 2012.

Besides Binny Bansal and some former Flipkart executives, other Indian entrepreneurs who have invested in Tanglin venture funds include Makemytrip’s Deep Kalra, Naukri.com’s Sanjeev Bikchandani, TaxiForSure co-founder Aprameya Radhakishna. 

It is to be noted however that no official confirmation on list of investors in Tanglin has been made yet.

Named after a residential neighbourhood in Singapore, Tanglin is seeded by Venkatesh and Yeo, both having worked in portfolio management team of Tiger Global, a US-based investment firm that is most fervent backers of the Indian startup boom, which include Flipkart as its early backer. 


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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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